China is rising. Will the China era come? What does an awakening Giant mean for the rest of the world? This blog will focus on these questions and introduce current economic events and politic news of China.

Monday, August 22, 2005

Internet Companies Set Their Sights On China

Internet Companies Set Their Sights On ChinaDavid Ng, 08.22.05, 10:21 AM ET Merrill Lynch noted that Internet stocks in its coverage universe have underperformed over the past two weeks, down 4.6% versus a relatively flat S&P. E-commerce stocks were all down slightly, with Priceline.com (nasdaq: PCLN - news - people ), IAC/InterActiveCorp (nasdaq: IACID - news - people ) and eBay (nasdaq: EBAY - news - people ) experiencing the widest declines. The research firm said the Internet sector is showing increasing focus on China, with Google (nasdaq: GOOG - news - people ) signing on three advertising product resellers in China, and speculation in the press that Google was interested in acquiring Baidu, the Chinese Internet portal. Yahoo! (nasdaq: YHOO - news - people ) recently announced it will acquire a 40% stake in Chinese e-business site Alibaba. In other sector developments, Merrill said Google's new $4 billion public offering will only result in minor dilution to earnings per share of approximately 1% in 2006. The research firm said acquisition activity remains robust in the sector. Time Warner (nyse: TWX - news - people ) unit AOL and Google made small mobile software and technology acquisitions, while ValueClick (nasdaq: VCLK - news - people ) acquired FastClick, and The New York Times Co. (nyse: NYT - news - people ) acquired Indeed, a job search engine. Elsewhere in the sector, Merrill initiated coverage of Expedia (nasdaq: EXPE - news - people ) with a "neutral" rating, citing an uncertain margin outlook given industry trends and Expedia's investment plans for technology enhancements, customer affinity programs, Europe and corporate travel. The research firm reiterated "buy" ratings on IAC/InterActiveCorp and eBay. It maintained "neutral" ratings on Google and Priceline.

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